Chinese technology shares jump as Alibaba sales exceed forecasts – The Guardian

Chinese technology shares jumped after strong results from internet companies, including better-than-expected sales at the e-commerce firm Alibaba despite an economic slowdown driven by Beijing’s Covid-19 lockdowns.

The Hangzhou-based company beat analysts’ forecasts with its sales and profit figures for the first quarter despite a weakening economy, and it did better than local rivals such as Tencent. Revenues rose 9% to 204bn yuan (24bn) in the first three months of the year.

Hong Kong-listed shares of Alibaba leaped almost 12%, a day after its New York-listed shares soared more than 14% to close at $92.48.

Its resilient performance boosted confidence in the sector, which has been battered by a regulatory crackdown over the past year. Hong Kong’s Hang Seng Tech index of the 30 largest technology firms rose 3.6%, while the wider Hang Seng index climbed 2.8%.

Shares in the Chinese search engine group Baidu rose almost 15% in Hong Kong after it reported a 1% rise in sales, led by its…

Read Full Story: https://www.theguardian.com/business/2022/may/27/chinese-technology-shares-jump-as-alibaba-sales-exceed-forecasts

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source: https://news.oneseocompany.com/2022/05/27/chinese-technology-shares-jump-as-alibaba-sales-exceed-forecasts-the-guardian_2022052720679.html

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